11-K 1 amp401kplan123124.htm 11-K Document




UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 

FORM 11-K

☒ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Year Ended
December 31, 2024
OR
☐TRANSITION REPORT PURSUANT TO SECTION 15 (d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the Transition Period from_______________________to_______________________

    
Commission File No.
1-32525


 
A.    Full title of the plan and the address of the plan, if different from that of the issuer named below:
AMERIPRISE FINANCIAL 401(k) PLAN

 
B.    Name of issuer of the securities held pursuant to the plan and the address of its principal executive office:

AMERIPRISE FINANCIAL, INC.
360 Ameriprise Financial Center
Minneapolis, MN 55474
















Ameriprise Financial 401(k) Plan
 Financial Statements and Supplemental Schedule
 
December 31, 2024 and 2023
with Report of Independent Registered Public Accounting Firm



Ameriprise Financial 401(k) Plan
Form 11-K


INDEX
Report of Independent Registered Public Accounting Firm
Financial Statements
Statements of Net Assets Available for Benefits as of December 31, 2024 and 2023
Statements of Changes in Net Assets Available for Benefits for the years ended December 31, 2024 and 2023
Notes to Financial Statements
Supplemental Schedule
Schedule H, Line 4i — Schedule of Assets (Held at End of Year) as of December 31, 2024
Signature
Exhibit Index




Report of Independent Registered Public Accounting Firm

To the Administrator and Plan Participants of Ameriprise Financial 401(k) Plan

Opinion on the Financial Statements
We have audited the accompanying statements of net assets available for benefits of Ameriprise Financial 401(k) Plan (the “Plan”) as of December 31, 2024 and 2023 and the related statement of changes in net assets available for benefits for the years then ended, including the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the net assets available for benefits of the Plan as of December 31, 2024 and 2023, and the changes in net assets available for benefits for the years then ended in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion
These financial statements are the responsibility of the Plan’s management. Our responsibility is to express an opinion on the Plan’s financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Plan in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

Supplemental Information
The supplemental Schedule H, Line 4i - Schedule of Assets (Held at End of Year) as of December 31, 2024 has been subjected to audit procedures performed in conjunction with the audit of the Plan’s financial statements. The supplemental schedule is the responsibility of the Plan’s management. Our audit procedures included determining whether the supplemental schedule reconciles to the financial statements or the underlying accounting and other records, as applicable, and performing procedures to test the completeness and accuracy of the information presented in the supplemental schedule. In forming our opinion on the supplemental schedule, we evaluated whether the supplemental schedule, including its form and content, is presented in conformity with the Department of Labor’s Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act of 1974. In our opinion, the supplemental schedule is fairly stated, in all material respects, in relation to the financial statements as a whole.



/s/ PricewaterhouseCoopers LLP
Minneapolis, Minnesota
June 25, 2025

We have served as the Plan’s auditor since 2012.

1

Ameriprise Financial 401(k) Plan
Statements of Net Assets Available for Benefits
 December 31,
20242023
Assets
  
Cash
$293,208 $77,081 
Investments at fair value
3,581,786,164 2,997,677,026 
Investments at contract value
— 143,799,501 
Receivables:
 
Accrued income33,780 70,281 
Due from broker3,041,204 3,244,442 
Employer contributions5,679,326 4,941,089 
Participant loans29,892,262 29,980,596 
Total assets3,620,725,944 3,179,790,016 
Liabilities
 
Due to broker
2,512,426 5,213,476 
Net assets available for benefits at end of year
$3,618,213,518 $3,174,576,540 
See Notes to Financial Statements.

2

Ameriprise Financial 401(k) Plan
Statements of Changes in Net Assets Available for Benefits
 Years Ended December 31,
20242023
Additions:
Contributions: 
Employer, net of forfeitures$68,094,662 $65,539,012 
Participant133,685,236 129,188,950 
Participant rollovers12,968,580 9,278,010 
Total contributions214,748,478 204,005,972 
Investment income:
   Interest3,308,277 5,255,602 
   Dividends25,059,962 19,024,861 
   Net realized/unrealized appreciation
550,806,113 492,751,477 
Total investment income
579,174,352 517,031,940 
Other income60,494 63,022 
Interest on participant loans1,904,593 1,325,844 
Total additions795,887,917 722,426,778 
Deductions:
Administrative expenses1,569,303 1,500,014 
Withdrawal payments350,681,636 227,821,995 
Total deductions352,250,939 229,322,009 
Net increase in net assets available for benefits
443,636,978 493,104,769 
Net assets available for benefits at beginning of year3,174,576,540 2,681,471,771 
Net assets available for benefits at end of year$3,618,213,518 $3,174,576,540 
See Notes to Financial Statements.

















3

Ameriprise Financial 401(k) Plan
Notes to Financial Statements
December 31, 2024
1.  Description of the Plan
General
The Ameriprise Financial 401(k) Plan (the “Plan”), which became effective October 1, 2005, is a defined contribution plan. Under the terms of the Plan, certain regular full-time and part-time employees of Ameriprise Financial, Inc. and its participating subsidiaries (the “Company”) can make contributions to the Plan and are eligible to receive Company contributions beginning with the pay period in which they complete 60 days of service.
The Plan is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended (“ERISA”). The following is not a comprehensive description of the Plan, and therefore, does not include all situations and limitations covered by the Plan. Participants should refer to the Plan document for more complete information.
Recordkeeping and Trustee of Plan Assets
Alight Solutions is the Plan’s recordkeeper, including the self-directed brokerage account. Principal Custody Solutions is the Plan’s trustee. The Plan is administered by the Ameriprise Financial Employee Benefits Administration Committee (“EBAC”). The Ameriprise Financial 401(k) Investment Committee (“KIC”) selects and monitors the investment options offered to participants under the Plan and oversees matters related to Plan investments (excluding the Ameriprise Financial Stock Fund and investments selected by participants under the self-directed brokerage account). Members of the EBAC and KIC are appointed by fiduciaries as specified in the Plan.
Contributions
Elective Contributions
Each pay period, eligible participants may make pretax and/or Roth 401(k) contributions (up to 80% of eligible compensation), and after-tax contributions (up to 10% of eligible compensation) or a combination of any of the three, not to exceed 80% of their eligible compensation to the Plan through payroll deductions. The Internal Revenue Code of 1986, as amended (the “Code”), imposes a limitation on participants’ pretax and Roth contributions to plans that are qualified under Code Section 401(k) and other specified tax favored plans. This limit was $23,000 and $22,500 for 2024 and 2023, respectively for employees under age 50. For employees age 50 and older the limit was $30,500 and $30,000 for 2024 and 2023, respectively. The Plan complied with nondiscrimination requirements under the Code for both 2024 and 2023.
Fixed Match Contributions
The Company matches 100% of the first 5% of eligible compensation an employee contributes on a pretax and/or Roth 401(k) basis for each pay period. At the end of each year, the Company completes a fixed match true-up for qualifying participants to ensure the fixed match contribution provided by the Company is equal to the lesser of 5% of eligible compensation or the participants’ annual deferral rate average. Participants receiving a true-up contribution must be employed on the last business day of the Plan year or have terminated employment for specified reasons, generally due to retirement (at or after age 65), disability (as defined in the Plan), transfer to Franchise Advisor role or death.
The Company provides a Company Base Contribution of 2% of eligible compensation each pay period for certain employees not eligible to participate in the Ameriprise Financial Retirement Plan. The Company Base Contribution is invested based on the employee’s elections or a default fund if no elections are made and eligible employees are not required to elect to save their own money to receive this contribution.
Limit on Contributions
For purposes of the Plan, eligible compensation is a participant’s regular cash compensation up to $345,000 and $330,000 for 2024 and 2023, respectively, before tax deductions and certain other withholdings. Eligible compensation for all employees includes performance related cash bonuses, overtime, commissions and certain other amounts in addition to regular earnings.
Rollover Contributions
A rollover is a transfer to the Plan of a qualified distribution in accordance with the provisions of the Plan. Rollovers into the Plan are not eligible for Company match contributions.
Vesting
Participants are immediately vested in their pretax, Roth 401(k), after-tax, and rollover contributions and any income and appreciation on such contributions. Company contributions are vested on a five-year graded schedule of 20% per year of service with the Company or if the participant attains age 65 as an active employee, becomes disabled or deceased while employed.
Forfeitures
Forfeitures are transferred to a forfeiture account, which is maintained for the benefit of the Plan as a whole and is not attributable to any given participant. The Company, as plan sponsor and settlor of the plan’s trust fund, may direct the balance of the forfeiture account to offset future company contributions and any remaining funds can be used to pay plan expenses, or restore previously
4

Ameriprise Financial 401(k) Plan
Notes to Financial Statements (continued)
December 31, 2024

forfeited balances for rehires. At December 31, 2024 and 2023, the forfeiture account totaled $101,233 and $33,722, respectively. Forfeitures used totaled $3,204,251 and $2,297,555 for 2024 and 2023, respectively. Forfeitures generated for the plan years ended December 31, 2024 and 2023 were $3,271,762 and $2,213,162, respectively.
Tax Status
As long as the Plan remains qualified and tax exempt, amounts invested in the Plan through participant and Company contributions and rollovers, as well as any income and appreciation on such amounts, are not subject to federal income tax until distributed to the participant. See Note 7 for additional information on the Plan’s tax status.
Distributions and Withdrawals
If employment ends, participants are eligible to receive a distribution of their vested account balance. Participants (or their beneficiaries) may elect to receive their accounts as a single lump-sum distribution in cash, whole shares of common stock, mutual fund shares held under the self-directed brokerage account, or a combination of cash and shares. Partial payments may be available to participants who meet certain requirements set forth in the Plan document. The Plan will pay out vested balances up to $7,000 as a lump sum payment within 60 days of termination of employment. Balances up to $1,000 will be paid directly to the participant and balances of $1,000 to $7,000 will be rolled over to a safe harbor individual retirement account. Terminated participants with balances greater than $7,000 can defer payment until the required minimum distribution age.
Participants may be eligible to request an in-service withdrawal of all or a portion of their vested account balance subject to limitations under the terms of the Plan and certain tax penalties imposed by the Code. Participants may elect to receive their withdrawal in cash, whole shares of common stock, mutual fund shares held under the self-directed brokerage account, or a combination of cash and shares.
Loan Program
Participants may borrow from their fund accounts a minimum of $500 and up to a maximum of the lesser of $50,000 or 50% of their vested account balance. The administrative loan origination fee of $75 per loan is paid by the participant and is deducted from the proceeds of the loan. Loan terms range up to 59 months unless the loan is used towards the purchase of a primary residence in which case the loan terms can range up to 359 months. The loans are secured by the balance in the participant’s account and bear a fixed interest rate of the prime rate as reported in the Wall Street Journal on the 15th of the month before the date the loan is originated. Principal and interest payments are deducted automatically from the participant’s pay each period.
If the participant’s employment with the Company ends for any reason, and their Plan loan is current, the Plan allows the participant to make repayment arrangements with the Plan’s Administrative Delegate before their loan would otherwise default. If so requested, upon the participant’s termination, the participant’s loan will be re-amortized to a monthly repayment schedule.
If the participant’s employment with the Company ends for any reason, and they have a Plan loan, they have the option to continue to make loan payments or pay off the loan in full within 90 days in order to prevent a default and acceleration due to non-payment. If the outstanding loan is not paid in full within 90 days from separation from service or an alternative arrangement is not made, the loan will automatically be foreclosed and the amount outstanding will be immediately deducted from the benefit payable to the plan participant from the Plan. The amount deducted will be treated as a distribution to that participant regardless of whether they elected to receive a distribution of their vested Plan account. Unless the outstanding loan amount was previously taxed as a “deemed distribution,” the participant will then be responsible for any income taxes on the amount of the outstanding loan balance and possibly a 10% additional Internal Revenue Service (“IRS”) penalty tax that applies to early distributions.
Plan Termination
Although it has not expressed any intent to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the Plan subject to the provisions of ERISA. In the event of Plan termination, participants will become 100% vested in their accounts.
2.  Significant Accounting Policies
Basis of Presentation and Use of Estimates
The accompanying financial statements are prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) which requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.
Plan Fees and Expenses
Administrative expenses, which may include recordkeeping, participant servicing, legal fees, trustee fees, loan origination fees, fees incurred within the self-directed brokerage account and investment consulting fees, among other expenses, are paid by Plan
5

Ameriprise Financial 401(k) Plan
Notes to Financial Statements (continued)
December 31, 2024

participants and recorded as incurred, unless paid by the Company. The Company currently pays a portion of the administrative expenses, including fees of the auditors, legal fees and certain investment managers.
Fees paid to investment managers are paid from the fees associated with the investment options offered by the Plan, unless paid by the Company. In addition, expenses related to the investment of the Plan funds, for example, brokerage commissions, stock transfer or other taxes and charges incurred for the purchase or sale of the funds’ investments, as opposed to administrative expenses, are generally paid by the Plan participants out of the applicable investment. Fees paid out of an investment reduce the return of that investment.
A flat fee of $21 per quarter is charged to participant accounts with a balance of $5,000 or more (including loan balances). It is deducted proportionately from the participant’s investment options on a quarterly basis. The fee is deposited in the dedicated expense account and may be used to pay eligible administrative expenses of the Plan.
As permitted under U.S. Securities and Exchange Commission rule 12b-1, mutual funds or share classes are assessed a fee to help cover the costs associated with marketing and selling the fund (“12b-1 fees”). The 12b-1 fees may also be used to cover shareholder servicing expenses. The only 12b-1 fees incurred are on certain self-directed brokerage funds.
Other Income
Other income includes a rebate of a portion of revenue sharing payments made to the Plan from the 12b-1 fees incurred from certain funds within the self-directed brokerage account. These payments are deposited in the dedicated expense account and may be used to pay eligible administrative expenses of the Plan. Other income is recorded when earned.
Valuation of Investments and Income Recognition
Investments are reported at fair value, with the exception of fully benefit-responsive investment contracts which were reported at contract value. See Note 3 and Note 4 for the Plan’s accounting policies related to the fully benefit-responsive investment contracts and the valuation of investments, respectively.
Purchases and sales of securities are reflected on a trade-date basis. The cost of securities sold is determined using the average cost method. Dividend income is recorded on the ex-dividend date. Interest income is recorded as earned. As required by the Plan, all dividend and interest income is reinvested into the same investment funds in which the dividends and interest arose. Net appreciation (depreciation) includes the Plan’s gains and losses on investments bought and sold as well as the change in fair value of assets.
Participant Loans
Participant loans are measured at their unpaid principal balance plus any accrued but unpaid interest, which is a reasonable estimate of fair value due to restrictions on the transfers of these loans. Interest income on participant loans is recorded when it is earned. 
Withdrawal Payments 
Withdrawal payments are recorded when paid. 
3.  Investments
Investment Elections
A participant may currently elect to invest contributions in any combination of investment funds in increments of 1% and change investment elections for future contributions or transfer existing account balances on any business day the New York Stock Exchange is open. Investment funds may impose redemption restrictions.
Investment Options
A summary of investment options as of December 31, 2024 and 2023 is set forth below.
Mutual Funds
As of December 31, 2024, there are no mutual funds in the Plan. As of December 31, 2023, the John Hancock Disciplined Value Mid Cap Fund R6 was the only mutual fund in the plan and was transferred to the John Hancock Disciplined Value Mid Cap Trust CIT on August 19, 2024.
Collective Investment Funds
The Collective Investment Funds include various investment options as follows: VOYA Target Solution Trust Funds, Victory Small Cap Value Collective Fund (75), Boston Partners Large Cap Value Equity CIT (Class D), Wellington Trust NA CIF II Growth 2, GQG Partners International Equity CIT Fund (Class C), Columbia Trust Contrarian Core Fund, Columbia Trust Total Return Bond A Fund, BlackRock US Equity Index Fund, BlackRock Russell 2500 Index Fund, BlackRock MSCI ACWI ex-US Index Fund, BlackRock US Debt Index Fund, John Hancock Disciplined Value Mid Cap Trust CIT, Columbia Trust Stable High Quality Income Fund and Peregrine Small Cap Growth CIT Fund.
6

Ameriprise Financial 401(k) Plan
Notes to Financial Statements (continued)
December 31, 2024

Collective investment funds allow for daily redemptions but may require advance notice in certain circumstances. There were no unfunded commitments for the Collective Investment Funds as of December 31, 2024 and 2023.
Separate Managed Account
The Congress Mid Cap Growth Fund is a separate account managed by Congress Asset Management Company. The fund invests at least 80% of its net assets in equity securities of mid-capitalization companies. The remaining 20% of its net assets can be invested in equity securities of small-capitalization and large-capitalization companies.
Ameriprise Financial Stock Fund
The Ameriprise Financial Stock Fund is an Employee Stock Ownership Plan (“ESOP”) that invests primarily in the Company’s common stock, purchased in either the open market or directly from the Company, and in cash or short-term cash equivalents.
Self-Directed Brokerage Account
The Plan’s self-directed brokerage option gives participants the choice to invest in more than 14,000 mutual funds including exchange-traded funds and closed-ended mutual funds. Ameriprise Financial, Inc. was formerly a wholly owned subsidiary of American Express Company (“American Express”). On September 30, 2005, Ameriprise Financial, Inc. spun-off from American Express. As a result, American Express common stock was an investment option as specified by the Plan. Employees had the option to transfer the value of the American Express common stock to another investment in the Plan or transfer it to the self-directed brokerage option. American Express common stock may be held in the self-directed brokerage account on a hold or sell basis only and, with the exception of reinvestment of dividends, new purchases are not allowed.
Income Fund
During 2024, the Income Fund was transferred in-kind to the Columbia Trust Stable High Quality Income Fund, which is a collective investment fund. The Income Fund was a stable value separately managed account which invested primarily in various book value wrap contracts with varying maturities, sizes and yields, offered by insurance companies, banks or financial institutions, which were backed by fixed income securities issued by the U.S. government and its agencies. Ameriprise Trust Company was the investment manager for the Income Fund. The Income Fund also invested in the Columbia Trust Government Money Market Fund (which invested primarily in short-term debt instruments issued by the U.S. government and its agencies). The investment objective of the Income Fund was to preserve principal and income, while maximizing income.
Book value wrap contracts were fully benefit-responsive synthetic guaranteed investment contracts and comprised of both an investment and a contractual component. The investment component consists of a portfolio of actively managed fixed income securities and of units of a money market collective investment fund, referred to as the Covered Assets, which may be owned by the Income Fund. The Covered Assets included U.S. government and agency bonds and mortgage backed securities issued or guaranteed by the U.S. government. The Income Fund entered into book value wrap contracts (the contractual component) with third parties, generally insurance companies, banks or financial institutions, to underwrite the performance of the Covered Assets from the risk of adverse interest rate movements. Under these contracts, the third party was obligated to provide sufficient funds to cover participant benefit withdrawals and certain types of investment transfers regardless of the market value of the Covered Assets.
Fully benefit-responsive book value wrap contracts held by a separately managed account created for a defined contribution plan were reported at contract value. Contract value was the relevant measurement attribute for that portion of the net assets available for benefits of a defined contribution plan attributable to fully benefit-responsive book value wrap contracts because contract value is the amount participants would have received if they were to initiate permitted transactions under the terms of the Plan. Contract value represented the face amount of the contract plus accrued interest at the contract rate.
4.  Fair Value Measurements
GAAP defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date; that is, an exit price. The exit price assumes the asset or liability is not exchanged subject to a forced liquidation or distressed sale.
Valuation Hierarchy
The Plan categorizes its fair value measurements according to a three-level hierarchy. The hierarchy prioritizes the inputs used by the Plan’s valuation techniques. A level is assigned to each fair value measurement based on the lowest level input that is significant to the fair value measurement in its entirety. The three levels of the fair value hierarchy are defined as follows:
Level 1    Unadjusted quoted prices for identical assets or liabilities in active markets that are accessible at the measurement date.
Level 2    Prices or valuations based on observable inputs other than quoted prices in active markets for identical assets and liabilities.
Level 3    Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable.
7

Ameriprise Financial 401(k) Plan
Notes to Financial Statements (continued)
December 31, 2024

The following tables present the balances of assets measured at fair value on a recurring basis:
 December 31, 2024
Level 1Level 2Level 3Total
Investments    
Ameriprise Financial common shares$514,577,622 $— $— $514,577,622 
Self-directed brokerage account
497,217,418 — — 497,217,418 
Common stock
112,856,206 8,600,595 — 121,456,801 
Collective investment funds measured at net asset value (“NAV”) (1)
2,448,534,323 
Total investments at fair value$1,124,651,246 $8,600,595 $— $3,581,786,164 
 December 31, 2023
Level 1Level 2Level 3Total
Investments    
Mutual funds$77,565,528 $— $— $77,565,528 
Ameriprise Financial common shares412,794,686 — — 412,794,686 
Self-directed brokerage account447,832,133 — — 447,832,133 
Common stock
110,344,415 9,097,590 — 119,442,005 
Collective investment funds measured at NAV (1)
1,940,042,674 
Total investments at fair value$1,048,536,762 $9,097,590 $— $2,997,677,026 
(1) Amounts are comprised of investments measured at fair value using NAV (or its equivalent) as a practical expedient and have not been classified within the fair value hierarchy.
Determination of Fair Value
The Plan uses valuation techniques consistent with the market approach to measure the fair value of its assets. The Plan’s market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets. The Plan maximizes the use of observable inputs and minimizes the use of unobservable inputs. All other assets of the Plan are valued using NAV.
The following is a description of the valuation techniques used to measure fair value and the general classification of these instruments pursuant to the fair value hierarchy.
Investments
Mutual Funds
The fair value of the John Hancock Disciplined Value Mid Cap Fund R6 was determined by the NAV which represents the exit price. The fair value was classified as Level 1 as the fund is traded in active markets and quoted prices are available.
Ameriprise Financial Common Shares
The fair value of Ameriprise Financial, Inc. common shares is determined using quoted prices in active markets and is classified as Level 1.
Self-Directed Brokerage Account
Actively traded money market funds are measured at NAV and classified as Level 1. The fair value of common stock and exchange-traded funds are determined using quoted prices in active markets and are classified as Level 1. The fair value of mutual funds is determined by the NAV which represents the exit price. Mutual funds are classified as Level 1 as they are traded in active markets and quoted prices are available.
Common Stock
The fair value of common stock classified as Level 1 is determined using quoted prices in active markets and the fair value of common stock classified as Level 2 is determined based on a market approach using observable inputs.
Collective Investment Funds
The fair value of collective investment funds is determined by the NAV of the funds. The NAV is used as a practical expedient and represents the exit price for the funds. These funds are excluded from classification in the fair value hierarchy. Collective investment funds are traded in principal-to-principal markets with little publicly released pricing information.
8

Ameriprise Financial 401(k) Plan
Notes to Financial Statements (continued)
December 31, 2024

5.  Transactions with Parties-in-Interest
The Plan allows for transactions with certain parties who may perform services or have fiduciary responsibilities to the Plan. Parties-in-interest include the Company, the trustee of the Plan assets (Principal Custody Solutions) and the Plan’s recordkeeper (Alight Solutions). Transactions involving funds managed by the Company, trustee and recordkeeper are considered party-in-interest transactions. These transactions, based on customary and reasonable rates, are not, however, considered prohibited transactions under Section 408(b) of ERISA and the regulations promulgated thereunder.
The Columbia Trust collective funds are maintained by Ameriprise Trust Company, a Minnesota-chartered trust company, and distributed by Columbia Management Investment Distributors, Inc., member FINRA. Ameriprise Trust Company serves as trustee and offers investment management and related services to these collective funds. Columbia Management Investment Advisers, LLC provides investment advice for certain of these funds in a subadvisory capacity. These companies are wholly-owned subsidiaries of Ameriprise Financial, Inc.
The total fair value of Ameriprise Financial, Inc.’s common stock held by plan participants was $514,577,622 and $412,794,686 as of December 31, 2024 and 2023, respectively. The total fair value of the investment options, excluding the self-directed brokerage account, managed by subsidiaries of Ameriprise Financial, Inc. was $521,096,094 and $343,180,052 as of December 31, 2024 and 2023, respectively. The investments at contract value managed by subsidiaries of Ameriprise Financial, Inc. was nil and $143,799,501 as of December 31, 2024 and 2023, respectively. As investment manager, these subsidiaries earn annual management fees ranging from 0.16% to 0.32% of the amounts invested in the collective investment funds. Fees incurred for investment management services for the Income Fund, excluding fees associated with wrap contracts which were paid by the Plan, were paid directly by the Company. Fees paid by the Plan for investment management services are included as a reduction of the return earned on each collective investment fund. Participant loans also qualify as party-in-interest transactions and are secured by the vested balances in participant accounts.
See Note 2 for more information on Plan fees and expenses.
6.  Risks and Uncertainties
The Plan invests in various investment securities, which are exposed to various risks such as interest rate, market and credit risks. Due to the level of risk associated with certain investments, it is at least reasonably possible that changes in the values of investment securities will occur in the near term and that such changes could materially affect participants’ account balances and the amounts reported in the Statements of Net Assets Available for Benefits. 
7.  Income Tax Status
The Plan received a favorable determination letter from the IRS dated September 7, 2017 indicating that the Plan is qualified under the Code, the related trust established under the Plan is tax-exempt and the Plan satisfies the requirement of Code Section 4975(e)(7). The Plan has been amended after the period covered by the determination letter. Once qualified, the Plan is required to operate in conformity with the Code to maintain its qualification. The Company believes the Plan, as amended, is currently designed and operated in compliance with the applicable requirements of the Code, and therefore the Plan and the related trust are intended to be qualified and tax-exempt, and the Plan is intended to satisfy the requirements of Code Section 4975(e)(7). The IRS no longer issues determination letters to qualified plans on a five-year cycle to evidence compliance with IRS rules.
There are no uncertain tax positions taken or expected to be taken that would require recognition of a liability (or asset) or disclosure in the Plan’s financial statements. The Plan is subject to routine audits by tax jurisdictions; however, there are currently no audits for any tax periods in progress. The Plan believes it is no longer subject to income tax examinations for years prior to 2021.
9

Ameriprise Financial 401(k) Plan
Notes to Financial Statements (continued)
December 31, 2024

8.  Reconciliation of Financial Statements to Form 5500
The following is a reconciliation of amounts reported in the financial statements to amounts reported on Form 5500:
 December 31,
20242023
Net assets available for benefits per the financial statements
$3,618,213,518 $3,174,576,540 
Deemed distributions of participant loans
(198,891)(221,358)
Difference between contract value and fair value of fully benefit-responsive investment contracts
— (10,883,954)
Net assets available for benefits per Form 5500
$3,618,014,627 $3,163,471,228 
 Years Ended December 31,
20242023
Net increase in net assets available for benefits per the financial statements
$443,636,978 $493,104,769 
Change in deemed distributions of participant loans
22,467 (33,111)
Change in difference between contract value and fair value of fully benefit-responsive investment contracts
10,883,954 2,161,572 
Net income per Form 5500
$454,543,399 $495,233,230 
9.  Subsequent Events
The Company evaluated events or transactions that occurred after the Statement of Net Assets Available for Benefits date for potential recognition or disclosure through June 25, 2025, the date the financial statements were issued. The annual fixed match true-up contribution of $5,679,326 for the 2024 plan year, which is recorded as an Employer contributions receivable as of December 31, 2024, was posted to participant accounts on January 20, 2025.

10



Ameriprise Financial 401(k) Plan
SUPPLEMENTAL SCHEDULES

11

Ameriprise Financial 401(k) Plan
Schedule H, Line 4i — Schedule of Assets (Held at End of Year)
December 31, 2024
(a)(b)  Identity of Issue, Borrower, Lessor, or Similar Party(c) Shares/Units or Face Amount(d) Cost**(e) Current Value
 Collective Investment Funds — 
GQG Partners International Equity CIT Fund (Class C)$8,736,165 $139,167,103 
*Columbia Trust Contrarian Core Fund19,533,503 264,094,310 
*Columbia Trust Total Return Bond A Fund10,513,220 123,530,339 
Peregrine Small Cap Growth CIT Fund5,598,753 83,925,314 
Boston Partners Large Cap Value Equity CIT (Class D)3,535,043 142,356,180 
Victory Small Cap Value Collective Fund (75)1,699,507 87,911,439 
VOYA Target Solution Trust Income (Class 4)2,389,195 45,188,053 
VOYA Target Solution Trust 2025 (Class 4)2,349,758 58,399,963 
VOYA Target Solution Trust 2030 (Class 4)3,764,312 103,718,111 
VOYA Target Solution Trust 2035 (Class 4)3,613,552 108,363,688 
VOYA Target Solution Trust 2040 (Class 4)3,086,012 101,134,557 
VOYA Target Solution Trust 2045 (Class 4)2,842,596 98,455,791 
VOYA Target Solution Trust 2050 (Class 4)1,767,343 61,614,966 
VOYA Target Solution Trust 2055 (Class 4)1,048,961 36,765,872 
VOYA Target Solution Trust 2060 (Class 4)992,731 24,763,348 
VOYA Target Solution Trust 2065 (Class 4)654,458 10,206,834 
Wellington Trust NA CIF II Growth 26,971,929 255,730,366 
BlackRock US Equity Index Fund12,831,163 364,184,330 
BlackRock Russell 2500 Index Fund1,498,607 48,607,470 
BlackRock MSCI ACWI ex-US Index Fund2,566,967 39,835,481 
BlackRock US Debt Index Fund2,494,207 29,953,680 
John Hancock Disciplined Value Mid Cap Trust CIT2,690,266 81,192,216 
Principal/BlackRock Short-Term Investment Fund5,963,467 5,963,467 
*Columbia Trust Stable High Quality Income Fund13,136,953 133,471,445 
 Total Collective Investment Funds2,448,534,323 
Common Stock — 
Cooper Companies Inc.30,000 2,757,900 
Dexcom Inc40,000 3,110,800 
Penumbra Inc16,000 3,799,680 
Resmed Inc14,000 3,201,660 
West Pharmaceutical Services Inc.7,750 2,538,590 
Halozyme Therapeutics Inc52,500 2,510,025 
Brown & Brown Inc.37,500 3,825,750 
Marketaxess Holdings Inc11,500 2,599,460 
Raymond James Financial Inc26,000 4,038,580 
Caseys General Stores Inc8,500 3,367,955 
Sprouts Farmers Markets LLC22,000 2,795,540 
US Foods Holdings Corp55,000 3,710,300 
Church & Dwight Inc27,500 2,879,525 
Deckers Outdoor Corp19,700 4,000,873 
American Eagle Outfitters Inc150,000 2,500,500 
*    Indicates Party-in-interest                                       
**    Cost information not required for participant-directed investments
***    The Self-Directed Brokerage Account includes Party-in-interest investment options
 12

Ameriprise Financial 401(k) Plan
Schedule H, Line 4i — Schedule of Assets (Held at End of Year)
December 31, 2024
(a)(b)  Identity of Issue, Borrower, Lessor, or Similar Party(c) Shares/Units or Face Amount(d) Cost**(e) Current Value
Aptargroup Inc20,000 3,142,000 
Valvoline Inc71,500 2,586,870 
Booz Allen Hamilton Holding Class A23,500 3,024,450 
Dynatrace Inc62,500 3,396,875 
Factset Resh Systems Inc6,250 3,001,750 
Godaddy Inc16,500 3,256,605 
PTC Inc16,000 2,941,920 
Qualys Inc17,500 2,453,850 
SPS Commerce Inc18,000 3,311,820 
Take-Two Interactive Software17,000 3,129,360 
Pure Storage Inc55,000 3,378,650 
Monolithic Power System Inc3,515 2,079,826 
Onto Innovation Inc15,000 2,500,050 
Crane Holdings Co21,000 3,186,750 
Curtiss Wright Corp Com11,000 3,903,570 
Emcor Group Inc8,000 3,631,200 
Teledyne Technologies Inc6,250 2,900,813 
Watts Water Technologies Inc15,000 3,049,500 
Copart Inc Com62,500 3,586,875 
Saia Inc7,000 3,190,110 
Ollie's Bargain Outlet Holding32,500 3,566,225 
Nvent Electric PLC40,000 2,726,400 
The Descartes Systems Group Inc.35,000 3,976,000 
Weatherford International Ltd26,500 1,898,194 
Total Common Stock121,456,801 
 Ameriprise Financial Stock Fund — 
*Ameriprise Financial, Inc. Common Shares966,470 514,577,622 
 Total Ameriprise Financial Stock Fund514,577,622 
***Self-Directed Brokerage Account497,217,418 497,217,418 
*Loans to Participants —
Various Loans, 3.25% — 9.5% due through 2054
29,892,262 
Less: Deemed distributions(198,891)
Net participant loans29,693,371 
Assets Held at End of Year$3,611,479,535 
*    Indicates Party-in-interest                                       
**    Cost information not required for participant-directed investments
***    The Self-Directed Brokerage Account includes Party-in-interest investment options
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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Employee Benefits Administration Committee has duly caused this annual report to be signed on its behalf by the undersigned hereunto duly authorized.
 

AMERIPRISE FINANCIAL, INC.
(Registrant)
Date:June 25, 2025By/s/ Michelle Rudlong
Michelle Rudlong
Delegate
Employee Benefits Administration Committee


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EXHIBIT INDEX

Exhibit        Description
23    Consent of PricewaterhouseCoopers LLP, Independent Registered Public Accounting Firm.

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